How's your cover? By DAVE RICHARDS
Is it me? Or is the classic world more vibrant and alive than ever before? Prices for good cars seem to rise inexorably, which leads me to ask is your insurance valuation up to date? I was reminded of this after the theft of a good friend’s Porsche. He has a small collection of other delectable cars, including some Simca-Abarths and a Mercedes Gullwing.
But he’s owned the 300SL for many years, and had it insured for a scant £45,000. In Bremen Greg MacLeman and I saw a similar car for sale, up for grabs at €700,000. Which means that in the current market, his ‘insurance’ is basically worthless, apart from allowing him to drive the car on the road legally! Luckily his rare Beutler-bodied Porsche 356 was found 3 days after its theft. But this applies to all of us.
Especially if you are running cars still rising in value such as Minis, Jaguars, Triumph TRs, and dare we say it, Silver Shadows. All of these have been creeping up, to the extent that bargains are now rare for cars in good nick. A cherished car like the one you’ve got tucked away is probably irreplaceable at the figure you paid for it even three years ago. Which means you need to up-the-ante on your coverage and ensure that should the worst happen, at least you won’t be out of pocket.
So what action should you take? Re-evaluate your coverage by checking asking prices in our classified pages. Then inform your insurance firm. And then shop around. You’ll want next year’s cover to be the best value.